Tax Hike Proposed In Caldwell: See Impact To Average Homeowner

CALDWELL, NJ — A property tax hike could be on the horizon in Caldwell.

The Caldwell Borough Council introduced the 2023 proposed municipal budget during their meeting on Aug. 15. Watch video footage of the meeting here (budget introduction begins around the 1:20:50 mark).

The borough’s chief financial officer, Chris Battaglia, broke down this year’s proposed town budget at Tuesday’s meeting. A public hearing is expected to take place in four weeks, he said.

See the full presentation online here.

Property taxes in New Jersey are mainly made up of three parts: school, municipal and county. In 2022, an average Caldwell homeowner with a property valued at $424,478 paid $12,830 in taxes, with about 52.6 percent going to schools, 28.8 percent going to the municipality and 18.7 percent going to the county, according to state data. Read More: Highest NJ Property Taxes (See Where Your Town Ranks On New List)

According to figures presented at Tuesday’s meeting, the proposed municipal spending plan would raise Caldwell’s overall tax rate by 2.61 percent when combined with school, county, library and open space levies. That would mean a $336 increase for an average property valued at $425,487 (see chart below).

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